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March 31, 2017

Audi to acquire Silvercar

Audi plans to acquire Silvercar by expanding its minority share to 100%.

Audi plans to acquire Silvercar by expanding its minority share to 100%.

The US-based company specialises in digital services for flexible vehicle use in the high-end market segment.

Audi and Silvercar intend to cooperate closely to expand the range of mobility products and services offered in the US. In addition to the core business of Silvercar, both partners also plan to further develop the successfully launched Audi mobility services in the US market. The acquisition is currently subject to approval from the applicable regulatory authorities.

"Audi and Silvercar share the same vision," said Dietmar Voggenreiter, sales and marketing chief at Audi AG.

"We want to open up a new, flexible way to access mobility for our customers while offering premium quality in every respect. Now we are joining forces and, together, are driving our initiative for innovative mobility services forward."

Silvercar operates an exclusive rental car service at US airports. The start-up, founded in 2012, is known for its seamless customer experience and exceptional service levels from reservations to vehicle return via mobile app, Audi said. The Silvercar fleet consists exclusively of silver A4s.

In recent months, Silvercar has significantly expanded its market presence to 15 locations in the US.

The company, headquartered in Austin, Texas, has about 150 employees. Audi has held a minority share in Silvercar since 2015.

Since the beginning of their partnership the companies have collaborated to deliver a shared fleet in the US market. This service for intelligent management of company cars began US operation in 2016. In addition, with Audi on demand, the brand offers customers in San Francisco the option to flexibly book via app their preferred model for any duration. 

The transaction is expected to conclude in this first half of 2017.

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